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SOMRS

State of Michigan Retirement System Portfolio holdings

AUM $22.6B
1-Year Est. Return 40.24%
This Fund
S&P 500
This Quarter Est. Return
+3.57%
1 Year Est. Return
+40.24%
3 Year Est. Return
+127.54%
5 Year Est. Return
+152.65%
10 Year Est. Return
+534.6%
AUM
$20.6B
AUM Growth
-$244M
Cap. Flow
-$619M
Cap. Flow %
-3.01%
Top 10 Hldgs %
37.15%
Holding
963
New
19
Increased
89
Reduced
756
Closed
28

Top Buys

Rank Stock Value
1
DUOL icon
Duolingo
DUOL
+$130M
2
KBDC
Kayne Anderson BDC
KBDC
+$95.7M
3
KR icon
Kroger
KR
+$52M
4
CRH icon
CRH
CRH
+$20.9M
5
MTUM icon
iShares MSCI USA Momentum Factor ETF
MTUM
+$16M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$238M
2
NVDA icon
NVIDIA
NVDA
+$55.6M
3
AAPL icon
Apple
AAPL
+$40.7M
4
SPOT icon
Spotify
SPOT
+$39.1M
5
MSFT icon
Microsoft
MSFT
+$31M

Sector Composition

Rank Sector Weight
1 Technology 33%
2 Financials 12.17%
3 Communication Services 10.58%
4 Consumer Discretionary 9.44%
5 Healthcare 8.86%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SWKS icon
601
Skyworks Solutions
SWKS
$10.5B
$2.47M 0.01%
38,907
-1,200
-3% -$83.9K
MANH icon
602
Manhattan Associates
MANH
$11.3B
$2.47M 0.01%
14,231
-200
-1% -$36.6K
ORI icon
603
Old Republic International
ORI
$10.3B
$2.45M 0.01%
53,778
-700
-1% -$30.4K
FIVE icon
604
Five Below
FIVE
$13.4B
$2.45M 0.01%
13,022
-100
-0.8% -$16.3K
JAZZ icon
605
Jazz Pharmaceuticals
JAZZ
$16B
$2.45M 0.01%
14,404
– –
WMS icon
606
Advanced Drainage Systems
WMS
$11.1B
$2.45M 0.01%
16,900
-100
-0.6% -$14.5K
DCI icon
607
Donaldson
DCI
$11.1B
$2.43M 0.01%
27,358
-400
-1% -$34.7K
JEF icon
608
Jefferies Financial Group
JEF
$12.6B
$2.42M 0.01%
39,016
-300
-0.8% -$17.2K
WBS icon
609
Webster Financial
WBS
$12.8B
$2.4M 0.01%
38,144
-1,400
-4% -$83.1K
TECH icon
610
Bio-Techne
TECH
$11.3B
$2.4M 0.01%
40,744
-1,700
-4% -$103K
AAL icon
611
American Airlines Group
AAL
$9.96B
$2.39M 0.01%
156,000
-1,100
-0.7% -$14.8K
AR icon
612
Antero Resources
AR
$11.3B
$2.39M 0.01%
69,300
-600
-0.9% -$20.3K
LSCC icon
613
Lattice Semiconductor
LSCC
$18.4B
$2.38M 0.01%
32,362
-200
-0.6% -$14.2K
ENSG icon
614
The Ensign Group
ENSG
$10.6B
$2.37M 0.01%
13,600
– –
SPXC icon
615
SPX Corp
SPXC
$11B
$2.36M 0.01%
+11,800
New +$2.41M
CNM icon
616
Core & Main
CNM
$8.59B
$2.34M 0.01%
45,100
-100
-0.2% -$5.13K
OVV icon
617
Ovintiv
OVV
$17.2B
$2.34M 0.01%
59,800
-1,400
-2% -$54.3K
RMBS icon
618
Rambus
RMBS
$11B
$2.33M 0.01%
25,400
-200
-0.8% -$19.7K
MOH icon
619
Molina Healthcare
MOH
$10.8B
$2.33M 0.01%
13,432
-1,800
-12% -$296K
AFG icon
620
American Financial Group
AFG
$12B
$2.32M 0.01%
17,010
-400
-2% -$54.9K
PR
621
Permian Resources
PR
$17.7B
$2.3M 0.01%
164,100
-2,300
-1% -$30.9K
GMED icon
622
Globus Medical
GMED
$11.5B
$2.3M 0.01%
26,361
-500
-2% -$38K
DY icon
623
Dycom Industries
DY
$12.4B
$2.3M 0.01%
+6,800
New +$2.14M
ARMK icon
624
Aramark
ARMK
$16.1B
$2.29M 0.01%
62,100
-500
-0.8% -$19.1K
AIT icon
625
Applied Industrial Technologies
AIT
$13B
$2.29M 0.01%
8,900
-200
-2% -$51.2K
23 24
25
26 27

Similar funds

FAM
Fred Alger Management New York $22.8B AUM 64.63% 1-Year Est. Return
BA
Bridgewater Associates Westport, Connecticut $22.4B AUM 34.48% 1-Year Est. Return
Tiger Global Management
Tiger Global Management New York $22.8B AUM 30.07% 1-Year Est. Return
CAM
Cresset Asset Management Chicago, Illinois $23.1B AUM 27.04% 1-Year Est. Return
CHP
Castle Hook Partners New York $23.4B AUM 158.96% 1-Year Est. Return
OAG
Orbis Allan Gray Hamilton, Bermuda $23.7B AUM 65.43% 1-Year Est. Return
Jacobs Levy Equity Management
Jacobs Levy Equity Management Florham Park, New Jersey $23.8B AUM 25.4% 1-Year Est. Return
Teacher Retirement System of Texas
Teacher Retirement System of Texas Austin, Texas $24B AUM 29.51% 1-Year Est. Return

State of Michigan Retirement System's Q4 2025 Portfolio in Review

As of Q4 2025, State of Michigan Retirement System held 963 positions worth $20.6B, down 1.2% from $20.8B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

State of Michigan Retirement System withdrew a net $619M in Q4 2025, closing 28 positions and reducing 756 holdings. Its most notable exit was Spotify, an estimated $39.1M position sold in full.

By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 33% a quarter earlier, followed by Financials and Communication Services.

Against the trend, State of Michigan Retirement System opened a new position in Kayne Anderson BDC worth $94M.

  • State of Michigan Retirement System's largest Q4 2025 buy was Kayne Anderson BDC: 6,566,762 shares worth $94M.
  • State of Michigan Retirement System added most to Duolingo in Q4 2025, an estimated $130M increase.
  • State of Michigan Retirement System's biggest Q4 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $238M.
  • State of Michigan Retirement System fully exited Spotify in Q4 2025, selling an estimated $39.1M.
  • State of Michigan Retirement System's ten largest holdings make up 37% of its $20.6B portfolio in Q4 2025.
  • State of Michigan Retirement System opened 19 new positions and closed 28 in Q4 2025.
  • State of Michigan Retirement System's portfolio value fell 1.2% quarter-over-quarter to $20.6B.

Based on State of Michigan Retirement System's 13F filing for Q4 2025, filed 29 Jan 2026.